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Ted Wright -- last update 4/5/2007 (ChamberApr5.html) www.cvilleok.com
Copyright 2007 -- Collinsville, Oklahoma

After entertainment by members of the Collinsville High School chorus, the Chamber of Commerce heard advice on the social security system. Lou Wilcoxson from the Social Security Administration Public Affairs Dept. explained that social security is needed by some well before retirement (disability or children who suffer loss of a parent as examples). Other should plan carefully for retirement and not wait until retirement day arrives. Social Security statements provided (about 2 months before each birthday) should be verified for accuracy as even the IRS does not keep your income records permanently. A minimum of 10 years of earnings will vest you in the social security system but any non-earning years less than 35 will average into your payout calculation as zeros. Your highest 35 years of earnings can even change after retirement if you still have earnings. Some social security benefits are even taxable. Mr. Wilcoxon recommends studying information on the Social Security website first before calling and then use the 1-800 number before calling the local offices (Tulsa or Bartlesville). He also asks that you contact the Social Security administration if you are aware of anyone abusing the benefits earned by someone else (especially the elderly).